Crypto Market Daily Highlights – XRP Leads the Top Ten into the Red

Bob Mason
Published: Oct 11, 2022, 00:31 GMT+00:00

It was a bearish Monday for the crypto market, with rising bets of the Fed delivering two consecutive 75-basis point rate hikes weighing on riskier assets.

Crypto news - FX Empire

Key Insights:

  • It was a bearish start to the week for the crypto top ten. XRP led the way down, with ADA and DOGE also seeing heavy losses.
  • Fed fear intensified, following hawkish Fed chatter on Monday, with the escalation in Ukraine adding further selling pressure.
  • The crypto market cap tumbled by $18.3 billion to end the day at $887.2 billion.

It was a bearish Monday session for the crypto top ten. XRP led the way, marking just the second decline in eight sessions. Despite the bearish session, BTC avoided sub-$19,000 while also falling short of $20,000 for the third consecutive day.

Following the range-bound Sunday session, news of Russian missile attacks on cities in Ukraine during rush hour sent riskier assets into negative territory. However, the markets partially recovered before the second wave of selling through the afternoon session.

Hawkish Fed chatter and fears of the Fed derailing the US and global economies sent riskier assets into the red. With a 75-basis point November rate hike priced in, the markets have turned to the December policy decision. Bets of another 75-basis point hike in December have risen, which will test market risk appetite.

On Monday, the NASDAQ 100 fell by 1.04%. Later today, there are no US economic indicators to consider, leaving the markets in the hands of Fed chatter and updates from the IMF meetings. This morning, the NASDAQ 100 Mini was down 5.75 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 111022 5 Minute Chart

Crypto Market on Target to End Four-Day Losing Streak

On Monday, the crypto market rose to an early morning high of $913.3 billion before tumbling to a late low of $883.1 billion. There was no late support to limit the damage, with the crypto market seeing $18.3 billion come off the table to leave the market cap at $887.2 billion.

Crypto market hit reverse
Total Market Cap 111022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Monday session for the crypto top ten.

XRP led the way down, sliding by 7.22%, with ADA and DOGE seeing losses of 5.20% and 4.40%, respectively.

BNB (-2.44%), BTC (-1.63%), ETH (-2.52%), and SOL (-2.98%) also struggled.

From the CoinMarketCap top 100, it was a mixed session.

TerraClassicUSD (USTC) and huobi token (HT) led the way, rallying 41.69% and 24.04%, respectively. Holo (HOT) came in a distant third, rising by 2.61%.

However, Chiliz (CHZ) led the way down, sliding by 12.12%, with ethereum name service (ENS) and ethereum classic (ETC) seeing losses of 10.64% and 10.12%, respectively.

24-Hour Crypto Liquidations Jump in Response to Monday’s Reversal

Over 24 hours, total liquidations jumped as the crypto market responded to the Russian missile strikes and hawkish Fed chatter. At the time of writing, 24-hour liquidations stood at $104.41 million, up from $15.62 million on Monday morning.

Liquidated traders over the last 24 hours also rose. At the time of writing, liquidated traders stood at 46,638 versus 7,550 on Monday morning. Liquidations were up over one, four, and 12 hours.

Crypto liquidations spike.
Total Crypto Liquidations 111022

According to Coinglass, 12-hour liquidations were up from $11.24 million to $61.25 million, with four-hour liquidations up from $5.33 million to $41.70 million. One-hour liquidations increased from $0.223 million to $4.22 million.

The one and four-hour liquidations reflected the deteriorating market conditions later in the session. The chart below shows market conditions throughout the session.

Crypto market sees late sell-off.
Total Market Cap 111022 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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